MDRB Insurances Ltd’s Post

Breaking barriers in the battle against ransomware! Amidst rising concerns over cyber threats, British officials are proposing a groundbreaking overhaul of the country's ransomware response. The plan? Mandate reporting of incidents and require victims to obtain a license before paying extortion demands. These measures aim to illuminate the true extent of the problem and disrupt cybercriminals' economic incentives. However, with government services often criticised for slow response times and inefficiencies, questions arise about the feasibility and effectiveness of these proposals. Can authorities deliver on their promises to streamline processes and provide timely support to businesses under attack? As the UK gears up for a public consultation on these reforms, it's crucial to consider the role of government responsiveness in cybersecurity strategy. Let's engage in a constructive dialogue and shape policies that prioritise both security and efficiency (including the potential changes that need to be made on the insurance policies and processes, is there a fee for the liscence for example, are BI claims going to be impacted). What are your thoughts on the proposed changes? How can we ensure that government services meet the urgent needs of businesses facing ransomware threats? Join the conversation and help chart a course towards a safer digital landscape! #Cybersecurity #Ransomware #GovernmentResponsiveness #UKPolicy #PublicConsultation

Cyber risk is an exposure that modern businesses cannot escape, and the financial impact of cybercrime, business interruption, and privacy events are now felt within all industries. Acrisure Cyber Services provides access to cutting-edge, innovative insurance coverage to help protect against the very real and growing threats of the digital age. Contact us today to learn more about how we can help protect what matters: https://bit.ly/3s96hQT #Acrisure #myHCG #HSIA #employeebenefits #insurance

When it comes to cybersecurity threats, private insurance isn't nearly enough, according to Munich Re CEO Joachim Wenning. "The largest risks... cannot be covered by the private insurance because the potential losses far exceeded the equity of the entire industry," he said in a recent call, adding that less than 1% of cybersecurity claims are covered. And so, with 87% of managers acknowledging that they are not sufficiently protected, Wenning makes the case for government intervention. Read more in Reinsurance News: https://lnkd.in/gffhrEBq #insurance #risk #cyber #artificialintelligence #hacking #security

Cyber is still an emerging risk, and as such, requires a degree of flexibility in underwriting to properly serve the needs of policyholders. In yesterday's congressional hearing, as detailed in The Wall Street Journal by James Rundle and Catherine Stupp, Cowbell's Jack Kudale discussed the evolution of cyber threats and the flexibility that insurers must have to customize their policies accordingly. https://lnkd.in/gPh3qSjD #CyberInsurance #CyberResilience #InsuranceInnovation #MoreCowbell

Check out this recent Tenable survey on why Aussie organisations that implement cybersecurity preventative measures are saving up to 15% in insurance premiums. The survey, conducted in collaboration with advertising agency Pure Profile, included over 200 IT and cybersecurity leaders from Australia’s insurance, banking, education, healthcare, and transport sectors. The data offers insights into whether the Australian government’s measures are adequate against evolving cyber threats and highlights the risk mitigation strategies that organisations can employ to avoid financial losses from cyber incidents. #cyberinsurance #cybersecuritytraining #cybermate https://lnkd.in/gEu2DBg8

🚨 RANSOMWARE ALERT: Bridger Insurance Services targeted by PLAY Ransomware. The group claims to be publishing organization's data, including private and personal confidential data, client documents, budgets, client databases, payroll, taxes, IDs, financial information, etc., on March 15, 2024. Stay vigilant against cyber threats! #PLAY #Ransomware #DataLeak #CyberAttack #BridgerInsuranceServices #Insurance #InfoSec #CyberThreat 🛡️

In today's digital age, cyberattacks are on the rise, and insurance agents are not immune. As an insurance agent, you understand the importance of protecting your clients' assets and mitigating risks. But have you considered the potential threats to your own agency's operations? Learn more about why your agency needs a cyber policy. https://ow.ly/WJAZ50QQkj6

The most under appreciated coverage by insureds. Learn about the Victor Cyber program and its tools to mitigate and in some cases prevent events to your clients and their business.

🔑 Surprising fact: 48% of companies with insurance didn't purchase it until after an attack. Don't wait for a cyber incident to occur before securing protection for your business. Act now to safeguard your business's future. Contact us today! #CyberInsurance #SmallBusiness #RiskManagement #DataProtection #BusinessSecurity #CyberThreats #ProtectYourBusiness #FinancialSafety #CyberDefense #BusinessContinuity

🔑 Surprising fact: 48% of companies with insurance didn't purchase it until after an attack. Don't wait for a cyber incident to occur before securing protection for your business. Act now to safeguard your business's future. Contact us today! #CyberInsurance #SmallBusiness #RiskManagement #DataProtection #BusinessSecurity #CyberThreats #ProtectYourBusiness #FinancialSafety #CyberDefense #BusinessContinuity